Here is a list of 30 cheap Minneapolis homes for sale on the IDX system that is sure to bring cheapskates out of the woodwork and bottom feeders out of the muck. Just don’t call about a $10,000 home and say something like “Do you think the seller will be willing to come down on the price?” without even seeing the property first! This really happens. I kid you not.

Short sales and foreclosure listing inventory comprise a large part of the Minneapolis real estate market right now, which is what accounts for the low prices on most of these homes. However, it is not nearly as bad as Detroit; in Detroit you can buy bulk REO packages of 100 homes for one million dollars!

Some of these cheap Minneapolis homes will need some serious repair, but if this is will be an owner occupied property, you can use a FHA 203K streamline loan to finance both the purchase AND the repairs. If you are a Minneapolis real estate investor, keep in mind that you may never see prices this low again and that Minneapolis real estate appreciates nicely over the long term.

Keep in mind that on most of these distressed properties, the bank will not make any warranties about the condition of the property. Read about “As-is” purchases in Minnesota here.